Mortgage Loans in Forbearance Rising Rapidly – What Can Servicers Do to Manage the Deluge?
The Mortgage Bankers Association’s (MBA) in a recent release revealed that the total number of loans now in forbearance increased to 7.91% of servicers’ portfolio volume. According to MBA’s estimate, almost 4 million homeowners are now in forbearance plans. With unemployment rising from historical lows in early 2020 to a record 14.7 percent in April, […]
Appreciating Our Covid-19 Hero – Viju Davis
Covid-19 has officially been designated a pandemic by the World Health Organization (WHO). Originating from Wuhan, the coronavirus has affected every person and place like a global tsunami. It’s proven to be not just a health crisis, but also a social, economic, and political crisis. Today we have a special story to share about one […]
No Lump Sum Required at the End of Forbearance, as per FHFA
In a recent article, the Federal Housing Finance Agency (FHFA) has confirmed that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one lump sum. This indeed is valuable news for homeowners, and they should no longer be worried about losing their […]
Enterprises to Purchase Qualified Loans in Forbearance to Keep the Lending Flowing
Earlier this week, Federal Housing Finance Agency (FHFA) in a release, announced that enterprises will purchase qualified loans in forbearance to keep the lending flowing. This move comes in to support homeowners and mortgage lenders. FHFA has said that they are approving the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria […]
Ways for Servicers to Manage COVID-induced Delinquencies
The ongoing coronavirus pandemic is posing a significant challenge. Experts are not in a position to quantify or project the delinquency numbers, as per a recent report in Black Knight’s Mortgage Monitor. “Trying to gauge the impact of COVID-19 on mortgage performance is as much an art right now as a science,” said Ben Graboske, […]
Extending Loan Servicing Support to Servicers in View of the COVID-19 Situation
Servicing loans is much more than retaining a portfolio and collecting payments; it’s about meeting the evolving needs of your customers and delivering an improved borrower experience. The current Covid-19 pandemic is causing significant social, economic and personal disruption. Most companies have 90-100% of staff operating remotely. The availability of teams to handle work volumes […]
Committed to Our Clients, Employees and Community – A Note from Our President, Sam Verma
The last few weeks have been very distressing, with all the news related to the Covid-19 pandemic. I hope you are staying safe and positive amid all the uncertainty. We have never experienced anything close to what we are seeing with the Covid-19 pandemic. Without any doubt, it is having a drastic impact on how […]
Amid COVID-19 Crisis, Our Proactiveness Ensured Business Continuity
COVID-19 has brought in a difficult situation for all of us and everyone can feel the impact all around. As the virus continues to spread across the globe, it is not only impacting your health, but also your pockets. In a very short span of time, COVID-19 has brought in a change in how businesses […]
How Lenders Can Benefit from Disruptive Business Models
The process of mortgage origination is time-consuming and intensive. It is in the best interest of lenders to work with mortgage processing partners who offer a variable pricing option for the mortgage process. On average, a loan can take about 35 to 40 days to close. During this period, mortgage lenders collaborate with various service […]
Amid Coronavirus Fears – Things to Do to Avoid Delays in Loan Processing
As the world grapples with the Coronavirus pandemic, businesses everywhere are finding ways to deal with uncertain times. The mortgage sector is no exception. Lenders now must find various ways to avoid delays in loan processing. Across organizations, employees are increasingly skeptical and hesitant about traveling to work. because of coronavirus concerns. At this moment, […]